AML checks cost the property market £15.5m last year
Credas Technologies, an identity verification service, has revealed that there were an estimated 5.5m anti-money laundering (AML) and identity checks conducted across the UK property market over the last year, at a cost of £15.5m. AML and identity checks have been a legal requirement since April 2018, when the European Parliament passed the Fifth Money […]
Developers must pay, says Gove
Gove announces that developers of unsafe blocks who “can afford to pay” will be forced to cover the costs of removing dangerous cladding from buildings. The housing secretary, Michael Gove, has announced proposed changes to building safety legislation and commented that developers are “continuing to profit” while families in leasehold properties struggle to pay for remediation […]
Diary of a high street conveyancer; 21st February 2022
I expect conveyancers throughout the land are bracing themselves for the onslaught of queries today with clients wanting to know which boundaries belong to them as the fence panel needs to be replaced following Storm Eunice. Boundaries are interesting. A client’s perception as to ownership of boundaries is interesting. A quick look on gov.uk regarding […]
Confessions of a cyber conveyancer
You never stop learning. Oh, and making mistakes. Especially when you’re running a technology-led organisation like The Partnership, when things are always changing as you adapt to new requirements. I know I’ve been banging on for months about our migration to the cloud and its positive impact. Well, most of that positivity comes from me […]
LMS launches confirmly to safeguard conveyancing process
LMS, the UK’s leading panel management specialist, has announced the launch of confirmly: a fast, trusted and secure law firm identity checking technology, designed to reduce risk and prevent scams when transferring conveyancing funds and client monies. Confirmly provides real time monitoring for law firms by harnessing LMS Panel Link and specialist data to verify bank […]
“Runaway” house prices risk overtaking Help to Buy ISA limits
Experts now fear that “runaway” house prices are overtaking Help to Buy ISA limits, leaving many buyers unable to proceed. September figures show that the average price of a property bought through the Help to Buy ISA scheme was £175,680, compared to an average first-time buyer house price of £225,607 and a national average house […]
UK House Price Index reveals £27,000 annual increase
The latest house price data published by HM Land Registry (HMLR) for December 2021 show that average house prices in the UK increased by 10.8% in the year to December 2021, up from 10.7% in the year to November 2021. The average UK house price was £275,000 in December 2021, which is £27,000 higher than this […]
HMLR webinars: an hour of time to save nine
HM Land Registry’s free live webinars focus on areas of land law or practice that customers say they find challenging. They also welcome the chance to ask our experts related questions. The webinars are designed to help customers prepare quality applications. That is important because it saves time, effort and money in dealing with the delays […]
More sellers expected to market in March
New data from property website Rightmove reveals that March is the strongest month of the year for prospective sellers to come to market. The study, which compared home-moving data over the last five years, excluding 2020 to account for the closed market periods, showed March is the month when the highest number of buyers are […]
Conveyancing’s information problem: “legislation must be the end goal”
When it comes to improving the home buying and selling process, momentum gained has to be momentum sustained, and the recent White Paper on Levelling Up appears to provide the industry with the opportunity to maintain our momentum. However, at the same time, it needs full transparency on what is required. For instance, the Levelling […]
Land Data releases Local Land Charges Awards for Excellence shortlist
Land Data, the National Land Information Service (NLIS) regulator, has today revealed the shortlist of finalists for its upcoming 2022 Land Data Local Land Charges Awards for Excellence. After a two-month period of judging, the shortlist is now finalised. Entries and nominations were submitted by solicitors, conveyancers, customer service experts, and local land charges personnel. Since their […]
Legal Eye webinar: AML update 2022
The first Legal Eye webinar of 2022 will talk all things Anti-Money Laundering (AML), from independent audits to the challenging roles of MLCO and MLRO. AML processes within the legal sector are under more scrutiny from regulators than ever before. It is imperative that law firms understand the role that they play; from the latest requirement […]
ALEP comments on leasehold reform legislation
The Association of Leasehold Enfranchisement Practitioners (ALEP) has commented on new legislation designed to protect leaseholders that will ban ground rents on new leasehold properties.
Law Society: SRA proposal to increase fines “not appropriate”
The Law Society have warned that a proposal by the Solicitors Regulation Authority (SRA) to hike its own fining powers from £2,000 to £25,000 is not appropriate. In November, the Law Society sought consultation on three proposals: to increase their maximum fining power from £2,000 to £25,000; to take into account the turnover or income […]
HMLR Practice Guide updates: PG19 and PG67
HMLR has published details of the updates made to Practice Guide 19 and Practice Guide 67. PG19: Notices, restrictions and protection of third-party interests This guide gives advice about how to apply for a notice or a restriction to protect a third-party interest in a registered estate or charge. It explains the effect of existing […]
The future of PII for CLC-regulated practices
The Council for Licensed Conveyancers (CLC)’s consultation on potential changes to their Professional Indemnity Insurance (PII) requirements has just two weeks left to run. The CLC have been reviewing the market for PII in an extensive process which began with a call for evidence in June 2021, followed by a series of conversations with insurers and […]
British Conveyancing Awards 2022 Shortlist Announced
The shortlist for The British Conveyancing Awards 2022, sponsored by Dye & Durham, has been released! The 2022 Awards will see journalist Samira Ahmed return as host of a hybrid event with the in-person ceremony at Church House in London simultaneously live streamed via The British Conveyancing Awards website from 4pm on 15th March 2022. […]
Property market “thawing”
January figures from TwentyCi indicate that the property market is “thawing”. The latest data from TwentyCi reveals that supply of new instructions for sale was up 4.3% in January 2022 versus the prior year, whereas demand in the sale market has fallen sharply by 17% compared to 2021. Demand is still up by 3.5% compared […]
Ground rents banned, but existing leaseholders must wait
The leasehold reform bill, designed to restrict ground rents for future leaseholders, has now become law. After passing through the Commons and the House of Lords, the Leasehold Reform (Ground Rent) Bill received Royal Assent, making it an Act of Parliament. The Act will restrict ground rents on most new long residential leases in England and Wales to […]
New housing minister announced in cabinet reshuffle
Stuart Andrew has been appointed as the new Housing Minister following a mini-cabinet reshuffle by PM Boris Johnson. Stuart Andrew will replace Christopher Pincher, who has been in position as Housing Minister since February 2020. Prior to today’s reshuffle, Mr Andrew held the role of deputy chief whip of the House of Commons and treasurer […]